Demand for Concentrated Photovoltaic (PV) and Solar Photovoltaic Market Increases with Innovation and Technology

Recently, Zytech Solar will deliver solar panels to big photovoltaic power plant in Gran Canaria Island situated in Canary Islands. The project is co-financed by Municipality of Galdar and Las Palmas de Gran Canaria. The solar panels produced by Zytech Solar has high radiation technology that gives high performance in high radiation areas. The solar panel produced by them are well renowned, as the manufactures have used innovative technologies through research and development.

The earth receives around 71 percent of the solar energy (the atmosphere and the earth’s surface), as per NASA- Robert Simmon.  Thus, there is an immense scope of using this energy at its best with the help of solar photovoltaic technology. The solar photovoltaic technology converts solar energy into various useful energy by absorbing solar photon. Photovoltaic or solar cells convert the solar energy into electric energy with the help of photovoltaic effect.   Solar photovoltaic modules can be collected together as a group of parallel or series connected modules that will provide any level of power required for consumption, it might differ from watts to kilowatt and megawatt in size. There are different types of solar cells such as polycrystalline, cadmium telluride solar cell, hybrid solar cell, dye-sensitized solar cell, plastic solar cell, buried contact solar cell, thin film solar cell, plasmonic solar cell, polymer solar cell, and monocrystalline solar cell.

Reducing price of conventional photovoltaic modules has increased the demand for concentrated photovoltaic technology. In addition the required by   concentrated photovoltaic for installation is relevantly smaller that will significantly increase its demand in coming years. 
The use of solar technology is more in areas where there is sufficient supply of solar energy. The advanced use, cost involved, performance, reliability, and trade offs are some of the major factors considered by the manufactures in the global market for concentrated photovoltaic and solar photovoltaic market. 
Cost effective and wide applicability are the main driving factors for concentrated photovoltaic technology. Earlier, the cost involved in concentrated photovoltaic systems was higher than the photovoltaic systems and acted as the major barrier for the CPV industry.  However, the reducing cost of silicon PV and constant efforts put in to improve its design and technology have created positive impact for the market to grow well. 

According to the stats given by Plastics Institute of America, Europe is leading the concentrated photovoltaic and solar photovoltaic market across the globe. As it requires more than half of the world demand of almost 16.48 GW of concentrated photovoltaic. 

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Moreover, Asia Pacific stand at the second position with the increasing demand from China. It has been anticipated that by the end of 2020 the solar photovoltaic is expected to be without government policies, cost effective than traditional electricity, and will be subsidized across nations. 
By introducing multijunction solar cell that has been adopted by various companies and used as technology to manufacture solar cells. Additionally, Saint-Augustin Canada Electric (STACE) has acquired Soitec solar CPV technology, making it the most significant mergers and acquisition in 2017. 

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